Abstract: The sheep farming is common and prevalent in China, resulting to that the sheep placenta with great nutritional and medicinal value is abundant. In view of this, the main nutritional components and functions of sheep placenta were summarized firstly. Furthermore, the present situation of sheep placenta peptide on preparation technology and its physiological function of antioxidant and immune improvement were investigated and expounded in order to achieve the high-value utilization of the sheep placenta. Moreover, the application of the sheep placenta in the skin care products, traditional Chinese medicine preparation and functional food were also summarized. In addition, the CiteSpace information visualization software was used to carry out clustering analysis on the research trends for nearly 20 years. In conclusion, the development and utilization of sheep placenta peptide in the world at present were expounded in this paper, and the existing problems were discussed, which will be beneficial to the resource utilization of sheep placenta.